Springfield daily republic. [volume] (Springfield, O. [Ohio]) 1887-1888, 1887-05-21

been clear-headed and cautious before the
boom. bought and sold AT a furiOu~ rate.
giving their notes secured hy mortgage un
the property purchased.
After the boom had been on for 4 wear OF
tive came the memorable panic which fol
owed. Terrible as were the effects ut the
panic elsewhere. its effects were still more
terrible and noteworthy ia indianapolis.
Several of her banks broke thousands of
her best citizens. manufacturers and buSi-
nessmen were bankrupt. business was par
alyZed. the credit of thousands was swept
away. the prices of real estate shrunk To
nothing. Property which had been tossed
from one 10 another al ten times its real
value now Shrunk Ia half lis real value. A
sp-culatOr who counted his possessions
al ; 800. 900 al the least estimate. had
all his property swept frun him Ia satisfy
mortgages and was left beggar There
were some terrible scenes when men came
10 their senses after the wild whirl of spec
ulation and discovered that their savings Of
life time were swept away in the mad
race tO get riches in hurry.
These were among the advantages l"D Of
the boom TO indianapolis.
A gentleman was talking on this subject
the other day on the |. b. X W. express
from Indianapolis. He said: Take the
example of Woodruff place in indianapolis.
In the boom. lots in that beautiful suburb
sold al froD 1000 Ia sIl.O00: after the
boom for fifteen years. until the present
time. they can he bought for from : |. 900 10
81, 500. know of certain piece of busi
ness property which sold for $50. 900 in the
boom. and which was knocked down for
So, 900 after the boom. Now the man who
bought ii at S41. 900 probably gave his notes
for two-thirds the amount in one and two
years. He owed Just S36, 600, and the
interest on that amount The property sold
for 81, 900. That left him still in debt
S2S. 600. II n man was in many such deals
he would have 10 be a a millionaire 10 keep
from bankruptcy. The boom filled Indi-
annapolis with hankrupiS and ruined citizens.
The growth and enterprise of the city was
annihiliated for many years, aud THE
plague would have done less mischief Ia
the city than this boom which 81 many
cities are anNiouSly praying for"
In Springfield where the price Of pro
perty has never experienced anything more
than temporary StandSiill Ia he followed
by al advance. We find IL hard Ia realize
anything like the state of things pictured in
the above. The advance Of this city has
been steady and without check and TODAY.
strange as il may seem. the price
of Springfield real estate is very
nearly as high a. in Indian
opoliS. Toledo. o.. had the same terrible
experience with boom, and her growth
was retarded many years IN consequence.
Let one of the periodical financial panics
visit this country, and we would see Birm
lngtOn. Ala, Wichita, Kan. Chattanooga,
Tenn, and our other booming municipal
butterflies bankrupt in day. To use a
homely comparison, booming city is like
an entire population on big spree. The
bigger the spree the more terrible the reac-
ton next morning.
Ii Springfield strikes gas. As she may.
the citizens Of this city should frown down
any attempt 10 create wildcat real estate
boom. Any wOuld-be speculatOr who goes
rushing around trying to buy options IN
real estate, should br taken to the inirmary
ana busted of with hose
What Springfield wants is steady
growth, not sky-rocket flight and dull
thud.
II is a fact, however. that hundreds of
our citizens are anxious for a boom in
Springfield. This is because in all prnba-
bility they have never looked into the con
sequence Of such Wild business excite
ment, which, after all may. not without
truth, be- compared Ia i mammoth cham
pagne drunk.
Everybody in this city. with the eNcep-
tiOn Of few Boston yankees, pronounce
the name OF our lively little suburb Ire
mont City aS Tree emont City. fremont
i'll Boston is pronounced ''rremm-ont
The clever mot of Oliver Wendell Holmes
that when good Americans die they 90 Ia
Paris might be truthfully changed for
Springfield 10 the statement that when
good ''Springiie!ders die they go to southern
California. 1t is surprising what an exc
dus there has been from Springfield 10 the
country Of perpetual summer. Not long
since thirty-twO persons left for there in one
day. and there has hardly been week since
when tickets have not been sold from Spring
field to Southern California. Instead Of de-
creasing. the outlook is that the rush will
grow greater in the future. know of sey-
eral families in this city who are laying
their plans t0 20 Ia California this winter |
To live. When a family has acquired wealth |
and have nothing Ia do for the rest Of their |
lives but enjoy il, II is small wonder that |
the first thing thing they think about is a. |
dodge our rigorous winters and get into the |
regions of pei petual MAY This longing |
for Southern California seems to possess |
the people OF the entire country. and the |
result will probably be that Southern Cali |
fOrnia will in time be settled up almost like
one vast suburban city. Almost every one
who goes there possesses more or less I
wealth. intelligence and culture. The re-
suit is that Los Angeles i one OF the veal
thieSt and finest little cities in the country.
| rS taste IN art matters and Willingness and
ability TO pay for the best may be Judged from
the fact that Booth played there 4 week.
Adelina Patti gave several concerts. and
Emma Abbott played for week This.
for city not much larger than Dayton,
must be admitted To be- quite remarkable.
IL is estimated that over 100 900 people
went TO Southern California Ia live last
year. and il is estimated that the number OF
rmigrants will be largely increased next
year. Ii will only be- short time until the
whole of Southern California will be set
tied a. closely a. Ohio or New York. II |
of their population I" California
and FLORIDA A. Springfield does it Is small
wonder that that locality is settling 80 fast.
There is great call lust now at the
Springfield library for she" jess" and
other works. by II. Rider Haggard the new
star. which has arisen the armament OF
ictiOm. These works are being very gen
arally read and discussed In this city inst
now and il i the style Ia have read them |
iiaggatd cannot De- called great writer by